Zurich Steadfast Professional Indemnity Policy Wording

1. Policy Wording
Zurich Steadfast
Professional Indemnity

2. Page 2 of 24
Important
Statutory Notice – Section 40 Insurance Contracts Act 1984 (Cth)
This notice is provided in connection with but does not form part of the policy.
This policy is a ‘claims made’ liability insurance policy. It only provides cover if:
A Claim is made against an Insured, by some other person, during the period when the policy is in force; and
The Claim arises out of circumstances committed, attempted or alleged to have been committed or attempted
after the Retroactive date stipulated in the Schedule.
Section 40(3) of the Insurance contracts Act 1984 (Cth) applies to this type of policy. That sub-section provides that
if an insured becomes aware, during the period when the policy is in force, of any occurrence or fact which might
give rise to a claim against them by some other person, then provided that the insured notifies Zurich of the matter
before this policy expires, Zurich may not refuse to indemnify merely because a claim resulting from the matter is
not made against the insured while the policy is in force.
If an Insured, inadvertently or otherwise, does not notify the relevant occurrence or facts to Zurich before the expiry
of the policy, the Insured will not have the benefit of section 40(3) and Zurich may refuse to pay any subsequent
Claim, notwithstanding that the events giving rise to it or the circumstances alleged in it may have taken place
during the Period of Insurance.
If a Claim is actually made against the insured by some other person during the Period of Insurance but is not
notified to Zurich until after the policy has expired, Zurich may refuse to pay or may reduce its payment under the
policy if it has suffered any financial prejudice as a result of the late notification.

3. Page 1 of 24
Contents
Zurich Steadfast Professional Indemnity
About Zurich................................................................................................................................................................ 4
About Steadfast.......................................................................................................................................................... 4
Important information about Steadfast’s advice..................................................................................................... 4
How to apply for this insurance................................................................................................................................ 4
Duty of Disclosure....................................................................................................................................................... 4
Non-disclosure............................................................................................................................................................. 4
Our contract with you................................................................................................................................................ 5
Goods and Services Tax.............................................................................................................................................. 5
Privacy.......................................................................................................................................................................... 5
General Insurance Code of Practice........................................................................................................................... 6
Complaints and Disputes Resolution process........................................................................................................... 6
Preventing our right of recovery............................................................................................................................... 6
Our Agreement
Section 1 – Insuring Clauses....................................................................................................................................... 6
Clause A – Civil Liability Insuring Clause................................................................................................................ 6
Clause B – Costs and Expenses Insuring Clause..................................................................................................... 6
Insuring Clause Clarification.................................................................................................................................. 7
Section 2 – Retroactive Date...................................................................................................................................... 7
Unlimited Retroactive Cover.................................................................................................................................. 7
Limited Retroactive Cover..................................................................................................................................... 7
Section 3 – Automatic Policy Extensions................................................................................................................... 7
Additional benefit – Claims preparation costs........................................................................................................ 7
Consultants, Sub-contractors and Agents............................................................................................................. 8
Continuous cover................................................................................................................................................. 8
Court attendance costs......................................................................................................................................... 8
Estates and Legal representatives.......................................................................................................................... 8
Extended notification period................................................................................................................................. 9
Fraud, Dishonesty or Intentional acts..................................................................................................................... 9
Joint venture......................................................................................................................................................... 9
Loss of documents................................................................................................................................................ 10
Newly created or Acquired subsidiary.................................................................................................................... 10
Official investigations and Enquiries – costs and expenses..................................................................................... 10
Public relations expenses....................................................................................................................................... 11
Run off cover until expiry of the Period of Insurance.............................................................................................. 11
Severability........................................................................................................................................................... 11
Section 4 – Optional Extensions................................................................................................................................ 12
Fidelity.................................................................................................................................................................. 12
Previous business.................................................................................................................................................. 12
Multi-year run-off after merger, takeover, sale, winding up of Named Insured....................................................... 12
ZU10561-V211/13-PCUS-008153-2013

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Section 5 – Exclusions................................................................................................................................................. 13
Aircraft, Motor vehicles and Watercraft................................................................................................................. 13
Asbestos............................................................................................................................................................... 13
Contractual liability............................................................................................................................................... 13
Directors and Officers liability or Trustees liability................................................................................................... 13
Fines and Penalties................................................................................................................................................ 13
Fraud, Dishonesty or Intentional acts..................................................................................................................... 13
Jurisdictional limits................................................................................................................................................ 14
Known claims and Know circumstances................................................................................................................ 14
Obligations to workers.......................................................................................................................................... 14
Occupier’s liability................................................................................................................................................. 14
Pollutants............................................................................................................................................................. 14
Product liability..................................................................................................................................................... 14
Radioactivity and Nuclear hazards......................................................................................................................... 13
Related or Associated entities............................................................................................................................... 14
Restrictive Trade Practices...................................................................................................................................... 14
Territorial limits..................................................................................................................................................... 15
Terrorism............................................................................................................................................................... 15
Trading debts........................................................................................................................................................ 15
War and Uprisings................................................................................................................................................ 15
Section 6 – Claims Conditions.................................................................................................................................... 15
Claims mitigation and co-operation...................................................................................................................... 15
Defence and Settlement....................................................................................................................................... 15
Foreign currency................................................................................................................................................... 16
Insured’s right to contest....................................................................................................................................... 16
Reporting and Notice............................................................................................................................................ 16
Senior counsel clause............................................................................................................................................ 16
Subrogation and Allocation of the proceeds of recoveries..................................................................................... 17
Section 7 – General Conditions.................................................................................................................................. 17
Alteration to risk................................................................................................................................................... 17
Assignment of interest.......................................................................................................................................... 17
Cancellation......................................................................................................................................................... 17
Deductible............................................................................................................................................................ 18
Limit of indemnity................................................................................................................................................. 18
Multiple claims..................................................................................................................................................... 18
Policy construction and Interpretation................................................................................................................... 19

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Section 8 – Definitions................................................................................................................................................ 19
Aggregate Limit of Indemnity................................................................................................................................ 19
Bodily Injury.......................................................................................................................................................... 19
Claim.................................................................................................................................................................... 19
Costs and Expenses.............................................................................................................................................. 19
Deductible............................................................................................................................................................ 19
Documents........................................................................................................................................................... 19
Employee.............................................................................................................................................................. 19
Insured................................................................................................................................................................. 20
Insured’s Business.................................................................................................................................................. 20
Investigation Costs and Expenses.......................................................................................................................... 20
Joint Venture........................................................................................................................................................ 20
Known Circumstance............................................................................................................................................ 20
Limit of Indemnity................................................................................................................................................. 21
Named Insured..................................................................................................................................................... 21
Period of Insurance............................................................................................................................................... 21
Policy.................................................................................................................................................................... 21
Pollutants............................................................................................................................................................. 21
Premium............................................................................................................................................................... 21
Proposal................................................................................................................................................................ 21
Schedule............................................................................................................................................................... 21
Senior Counsel..................................................................................................................................................... 21
Subsidiary............................................................................................................................................................. 21
Taxable Percentage............................................................................................................................................... 21
Terrorism............................................................................................................................................................... 22
Zurich................................................................................................................................................................... 22

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About Zurich
The insurer of this product is Zurich Australian Insurance Limited (ZAIL), ABN 13 000 296 640, AFS Licence Number
232507. In this document, ZAIL may also be expressed as ‘Zurich’, ‘we’, ‘us’ or ‘our’.
ZAIL is part of the Zurich Insurance Group, a leading multi-line insurance provider with a global network of subsidiaries
and offices. With about 60,000 employees, the Zurich Insurance Group delivers a wide range of general insurance and
life insurance products and services for individuals, small businesses, and mid-sized and large companies, including
multinational corporations, in more than 170 countries.
About Steadfast
Steadfast Group Limited (Steadfast) is a public company. It includes a large network of insurance brokerages who operate
in Australia as Steadfast Brokers. This policy is available exclusively to you through a Steadfast broker.
Steadfast does not issue, guarantee or underwrite this policy.
Important information about Steadfast’s advice
Any advice Steadfast gives about this policy does not take into account any of your particular objectives, financial situation
or needs. For this reason, before you act on Steadfast’s advice, you should consider the appropriateness of the advice
taking into account your own objectives, financial situation and needs.
Before you make any decisions about whether to acquire this policy we recommend you should read this insurance policy.
How to apply for this insurance
Throughout this document when we are referring to your Steadfast broker, we simply refer to them as your intermediary.
If you are interested in buying this product or have any inquiries about it, you should contact your intermediary who
should be able to provide you with all the information and assistance you require.
If you are not satisfied with the information provided by your intermediary you can contact us at the address or telephone
number shown on the back cover of this document. However, we are only able to provide factual information or general
advice about the product. We do not give advice on whether the product is appropriate for your personal objectives,
needs or financial situation.
Duty of Disclosure
Before entering into a contract of general insurance with us, you have a duty under the Insurance Contracts Act 1984 to
disclose to us every matter that you are aware of, or could reasonably be expected to be aware of, that is relevant to our
decision about insuring you and, if so, on what terms. This applies to all persons to be covered under this contract
of insurance.
You have the same duty to disclose these matters to us before you renew, extend, vary or reinstate a contract of general
insurance. Your duty however, does not require disclosure of a matter:
• that diminishes the risk to be undertaken by us;
• that is of common knowledge;
• that we know or in the ordinary course of our business we ought to know;
• as to which compliance with your duty is waived by us.
Non-disclosure
If you fail to comply with your Duty of Disclosure, we may be entitled to reduce our liability under the policy in respect of a
Claim or may cancel the Policy. If your non-disclosure is fraudulent, we may also have the option of avoiding the contract
from its beginning.
Zurich Steadfast Professional Indemnity

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Our contract with you
Your Policy is a contract of insurance between you and Zurich and contains all the details of the cover that we provide.
Your Policy is made up of:
• the Policy wording. It tells you what is covered and sets out the Insuring Clauses, Extensions, Conditions, Definitions,
Exclusions and claims procedure of cover;
• the Proposal, which is the information you provide to us when applying for insurance cover;
• your most current Policy Schedule issued by us. The Policy Schedule is a separate document unique to you, which
shows the insurance details relevant to you. It includes any changes, Exclusions and Conditions made to suit your
individual circumstances and may amend the Policy; and
• any other written change otherwise advised by us in writing (such as an endorsement). These written changes vary
or modify the above documents.
Please note, only those covers shown in your Policy Schedule are insured. If you want more information about any part of
your Policy, please ask us, or your Steadfast broker.
This document is used for any offer of renewal we may make, unless we tell you otherwise. Please keep your Policy in a
safe place. We reserve the right to change the terms of this product where permitted to do so by law.
Goods and Services Tax
We will reduce the GST amount we pay for by the amount of any input tax credits to which you are or would be entitled
if you made a relevant acquisition. In these circumstances, the Input Tax Credit may be claimable through your Business
Activity Statement (BAS).
You must advise us of your correct Australian Business Number and Taxable Percentage.
Privacy
Zurich is bound by the Privacy Act 1988 (Cth). Before providing us with any Personal or Sensitive Information (‘Information’),
you should know that:
We collect, use, process and store Personal Information and, in some cases, Sensitive Information about you in order to
comply with our legal obligations, assess your application and, if your application is successful, to administer the products
or services provided to you, to enhance customer service and/or product options or manage a claim (‘purposes’).
If you do not agree to provide us with the Information, we may not be able to process your application, administer your
policy or assess your claims.
By providing us or your intermediary with your Information, you consent to our use of this Information which includes
us disclosing your Information where relevant for the purposes, to your intermediary, affiliates of the Zurich Insurance
Group Ltd, other insurers and reinsurers, our service providers, our business partners or as required by law within Australia
or overseas.
Zurich may obtain Information from government offices and third parties to assess a claim in the event of loss or damage.
For further information about Zurich’s Privacy Policy, a list of service providers and business partners that we may disclose
your Information to, a list of countries in which recipients of your Information are likely to be located, details of how you
can access or correct the Information we hold about you or to make a complaint, please refer to the Privacy link on our
homepage – www.zurich.com.au, contact us by telephone on 132 687 or email us at Privacy.Officer@zurich.com.au

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General Insurance Code of Practice
As a member of the Insurance Council of Australia Limited, we subscribe to the General Insurance Code of Practice.
The purpose of the Code is to raise the standards of practice and service in the general insurance industry.
The Code aims to:
• constantly improve claims handling in an efficient, honest and fair manner;
• build and maintain community faith and trust in the financial integrity of the insurance industry; and
• provide helpful community information and education about general insurance.
Complaints and Disputes Resolution process
If you have a complaint about an insurance product we have issued or service you have received from us, please contact your
intermediary to initiate the complaint with us. If you are unable to contact your intermediary, you can contact us directly
on 132 687.
We will respond to your complaint within fifteen (15) working days. If you are not satisfied with our response, you may have the
matter reviewed through our internal dispute resolution process, which is free of charge.
Preventing our right of recovery
If you have agreed not to seek compensation from another person who is liable to compensate you for any loss, damage
or liability which is covered by this Policy, we will not cover you under this Policy for that loss, damage or liability.
Our Agreement
In consideration of payment of the Premium, we will provide indemnity in accordance with, and subject to, the terms of
this Policy. We will provide you with the cover you have chosen as set out in the Policy, occurring during the Period of
Insurance shown on your Policy Schedule.
The amount of any Deductible that applies to your Policy will be shown on your Policy Schedule.
Section 1 – Insuring Clauses
Insuring Clause A
1.1 Civil Liability Insuring Clause
We agree to indemnify the Insured against civil liability for compensation (including claimants’ costs, fees and expenses
awarded against or recoverable from the Insured) arising from any Claim first made against the Insured during the Period
of Insurance and notified to us during the Period of Insurance in respect of civil liability incurred or alleged to have been
incurred in the conduct of the professional activities and duties of the Insured’s Business.
Insuring Clause B
1.2 Costs and Expenses Insuring Clause
We agree to pay Costs and Expenses in respect of any Claim indemnified by this Policy.
If we elect not to take over and conduct, in the name of the Insured, the defence or settlement of a Claim, we agree
to pay Costs and Expenses within a reasonable time frame following our receipt of invoices specifying such Costs
and Expenses and prior to determining the Insured’s entitlement to indemnity for the Claim.
In determining the Insured’s entitlement to indemnity under this Policy in respect of a Claim, we agree that we will
not rely on Exclusion 5.6 (Fraud, Dishonesty or Intentional Acts) unless and until:
(a) the Insured makes an admission in writing of any conduct described in Exclusion 5.6 (Fraud, Dishonesty or
Intentional Acts); or
(b) it has been established through a judicial process that the Insured has committed any conduct described in
Exclusion 5.6 (Fraud, Dishonesty or Intentional Acts).

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The payment of any Costs and Expenses is subject to the following conditions:
(i) the payment of any Costs and Expenses by us to the Insured does not constitute our acceptance of the
Insured’s right to indemnity for any Claim.
(ii) if either (a) or (b) above applies or for any other reason it is determined that a Claim is not covered by this
Policy, we may cease to pay Costs and Expenses to the Insured, unless we, at our sole discretion, decide to
continue to pay Costs and Expenses resulting from such Claim.
(iii) where either (a) or (b) above applies or for any other reason it is determined that a Claim is not covered by this
Policy, the Insured will refund Costs and Expenses paid by us, unless we agree in writing to waive recovery of
such Costs and Expenses.
Insuring Clause Clarification
For the avoidance of doubt, the indemnity provided by Insuring Clauses A and B (Clauses 1.1 and 1.2) includes, but is
not limited to any civil liability incurred or alleged to have been incurred by the Insured in the conduct of the professional
activities and duties of the Insured’s Business:
1.3 for breach of a contract for the provision of professional services.
1.4 for breach of fiduciary duty.
1.5 for breach of warranty of authority committed, by or on behalf of the Insured, in good faith and in the belief that
appropriate authority was held.
1.6 for any unintentional infringement of copyright, moral right (under the Copyright Act 1968 (Cth)), trademarks,
service marks, registered design or patent, or any plagiarism or breach of confidentiality.
1.7 for defamation.
1.8 under the terms of the Competition and Consumer Act 2010 (Cth), the Fair Trading Act 1987 (NSW), the Fair
Trading Act 1985 (Victoria) or similar legislation enacted by the other states or territories of the Commonwealth
of Australia or the Dominion of New Zealand.
Section 2 – Retroactive Date
2.1 ‘Unlimited Retroactive Cover’ – if no Retroactive Date is specified in the Schedule or if the Retroactive Date is
specified in the Schedule as ‘Unlimited’, this Policy shall provide indemnity in respect of Claim(s) arising from
acts, errors or omissions committed or alleged to have been committed irrespective of when such acts, errors
or omissions were committed (or were alleged to have been committed).
2.2 ‘Limited Retroactive Cover’ – where a Retroactive Date is specified in the Schedule, then this Policy shall only provide
indemnity in respect of Claim(s) arising from acts, errors or omissions committed or alleged to have been committed
on or after the Retroactive Date.
Section 3 – Automatic Policy Extensions
Preamble
We shall provide indemnity as is available under this Section, for no additional premium, provided always that:
(a) the indemnity provided by each Policy Extension is subject to the Schedule, Insuring Clauses, Conditions, Definitions,
Exclusions, Deductible and other terms of this Policy (unless otherwise expressly stated herein);
(b) the inclusion of any Policy Extension shall not increase the Limit of Indemnity.
3.1 Additional benefit – Claims preparation costs
We will pay up to $25,000 in the aggregate during the Period of Insurance for reasonable professional fees and such
other expenses incurred by the Insured for the preparation of any Claim that is covered under this Policy.
The cover provided under this Policy Extension operates in addition to the Limit of Indemnity or Aggregate Limit of
Indemnity (whichever may be applicable).
Provided always that such cover shall not include any Costs and Expenses (as defined in Clause 8.4 – Costs
and Expenses).

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3.2 Consultants, Sub-contractors and Agents
The conduct of the professional activities and duties of the Insured’s Business shall be deemed to include, acts, errors
or omissions of consultants, sub-contractors or agents of the Named Insured, while undertaking work in connection
with the conduct of the professional activities and duties of the Insured’s Business and for which the Insured is liable.
We will indemnify any such consultants, sub-contractors or agents themselves, provided always that the relevant act,
error or omission giving rise to the Claim occurred:
(a) in the course of the conduct, by the consultants, sub-contractor or agent, of the professional activities and
duties of the Insured’s Business for and on behalf of the Named Insured; and
(b) at the time when the consultant, sub-contractor or agent was under the Named Insured’s direct control
and supervision.
3.3 Continuous cover
We agree to indemnify the Insured for any Claim, otherwise covered by this Policy, arising from any Known
Circumstance (notwithstanding Exclusion 5.8 – Known Claims and Known Circumstances) if:
(a) we were the professional liability insurer of the Insured when the Insured first knew of such Known
Circumstance; and
(b) we continued without interruption to be the Insured’s professional liability insurer up until this Policy came into
effect; and
(c) had we been notified by the Insured of the Known Circumstance when the Insured first knew of it, the
Insured would have been covered under the policy in force at that time but is not now entitled to be covered
by that policy.
The Insured agrees that it will not seek indemnity from us in respect of the Claim or any Claim arising out of
the Known Circumstances under any other Policy issued by Zurich.
We may reduce the amount we pay out under this provision by the amount of any prejudice we may suffer in
consequence of any delayed notification to us.
Our limit of liability provided under this Extension is the lesser of our limit of liability under the terms of the policy in
force at the earlier time referred to in paragraph (c) above, or the Limit of Indemnity under this Policy. The terms of
this Policy otherwise apply.
3.4 Court attendance costs
For any person described in (a) or (b) below who actually attends court as a witness in connection with a Claim
notified under and covered by this Policy, we agree that Costs and Expenses will include the following rates per day
on which attendance in court has been required:
(a) for any person who was or is a principal, partner or director of the Named Insured: $500.
(b) for any person who was or is an Employee of the Named Insured: $250.
No Deductible shall apply to this Policy Extension.
3.5 Estates and Legal representatives
We agree to include in the definition of the Insured (Clause 8.8) the estate, heirs, legal representatives or assigns of any
Insured in the event of the death, mental disorder and/or other incapacity or insolvency or bankruptcy of such
Insured in respect of any civil liability of the Insured that would have been covered by Insuring Clause A and/or B
if the Insured was alive, had capacity or was not insolvent. Provided always that such persons shall observe and be
subject to all the terms of this Policy insofar as they can apply.

11. Page 9 of 24
3.6 Extended notification period
In the event that this insurance is not renewed or is cancelled for any reason other than non-payment of premium
then the Insured has until such time that the Insured effects another professional indemnity insurance policy either
with us or any other insurer or a period of sixty (60) days commencing on the day immediately following expiry of
this Policy whichever is the lesser period, during which to notify us of any Claim first made against the Insured in
writing within such sixty (60) day or lesser period (as the case may be). Provided always that it is understood and
agreed that:
(a) we will treat that Claim as if it had been made against the Insured and notified to us during the immediately
preceding Period of Insurance; and
(b) coverage afforded thereunder does not reinstate or increase the Limit of Indemnity or the Aggregate Limit of
Indemnity or extend the Period of Insurance; and
(c) coverage afforded thereunder will only apply to acts, errors or omissions committed or alleged to have been
committed by the Insured before the end of the Period of Insurance or the cancellation date of this Policy
where this Policy has been cancelled and not before the Retroactive Date.
3.7 Fraud, Dishonesty or Intentional acts
We agree to indemnify the Insured against civil liability for compensation (including claimants’ costs, fees and
expenses awarded against or recoverable from the Insured) arising from any Claim made against that Insured,
which would otherwise be excluded by reason of Exclusion 5.6 (Fraud, Dishonesty or Intentional acts). Provided
always that:
(a) such indemnity shall not be provided to any Insured who committed or condoned any act, error or omission
excluded by reason of Exclusion 5.6 (Fraud, Dishonesty or Intentional Acts);
(b) such indemnity shall not apply to any Claim against any Insured directly or indirectly based upon, attributable
to, or in consequence of:
(i) the loss of money, negotiable instruments, bearer bonds or coupons, stamps, bank or currency notes;
(ii) the loss of an electronic record which represents a current and transferable obligation of a person to pay
the holder of the electronic record an amount or amounts of money described in the electronic record in
exchange for delivery, adjustment or cancellation of the electronic record; or
(iii) a transaction, direction or dealing involving or in any way relating to a right to be paid money or to
have any of the items referred to in subparagraph (i) or (ii) of this paragraph (b) delivered, negotiated or
assigned or an electronic record of such a right.
3.8 Joint venture
If the name of a Joint Venture is included in the Schedule under ‘Joint Ventures’, then, we will indemnify the Insured
for the Insured’s joint and individual civil liability, arising out of the conduct of the professional activities and duties of
such Joint Venture.
If the name of the Joint Venture is not included in the Schedule under ‘Joint Ventures’, then, we will indemnify the
Insured only for the Insured’s individual civil liability and not for the Insured’s joint civil liability arising out of the
conduct of the professional activities and duties of such Joint Venture. Provided always that the business of such
Joint Venture is the same as the Insured’s Business (as defined in Clause 8.9 Insured’s Business).

12. Page 10 of 24
3.9 Loss of documents
We agree to indemnify the Insured in respect of certain loss described in this clause arising from the loss of any
Documents (including but not limited to Documents which are the property of the Insured) which have been
destroyed, damaged, lost or mislaid and, after diligent search and attempt to recover, cannot be found. Provided
always that:
(a) such loss of Documents was first discovered by the Insured during the Period of Insurance and was notified in
writing to us as soon as reasonably practicable after the date of such discovery (but never beyond the expiry
date of the Period of Insurance); and
(b) such indemnity shall be limited to the costs, charges and expenses of whatsoever nature incurred by the
Insured in replacing and/or restoring such Documents and any claim for such costs, charges and expenses shall
be supported by bills and/or accounts which shall be subject to approval by a competent person nominated by
us and agreed to by the Insured; and
(c) such indemnity shall be limited to the loss of any Documents:
(i) which were in the physical custody or control of the Insured or any person to whom the Insured
entrusted, lodged or deposited such Documents in the ordinary course of business; or
(ii) which occurred whilst such Documents were in transit.
3.10 Newly created or Acquired subsidiary
We agree to include in the definition of Insured (Clause 8.8) any Subsidiary created or acquired by the Named
Insured during the Period of Insurance for a period of up to thirty (30) days (but never beyond the expiry date of the
Period of Insurance) from the date of such creation or acquisition.
Provided always that:
(a) this Policy Extension will only apply in respect of Claim(s) against the Subsidiary arising from an act, error or
omission occurring subsequent to the date of creation or acquisition of the Subsidiary; and
(b) the business of such Subsidiary is the same as or substantially similar to the the Insured’s Business
(as defined in Clause 8.9 Insured’s Business).
The Insured may apply to us within such thirty (30) day period, to vary this Policy to continue the cover provided by
this Policy Extension until the expiry date of the Period of Insurance. The Insured shall supply us with such additional
information relating to the new Subsidiary and pay any reasonable additional premium as may be required by us.
3.11 Official investigations and Enquiries – costs and expenses
We agree to pay Investigation Costs and Expenses.
Provided always that:
(a) we shall be entitled, at our discretion, to appoint legal representation to represent the Insured in the
investigation, examination or enquiry;
(b) the notice of intended investigation, examination or enquiry is served upon the Insured during the Period of
Insurance and is notified to us during the same Period of Insurance;
(c) in the event that a claim for payment of Investigation Costs and Expenses is withdrawn or indemnity under this
Policy Extension is subsequently withdrawn or denied, we shall cease to advance Investigation Costs and Expenses
and the Insured shall refund any Investigation Costs and Expenses advanced by us to the extent the Insured
was not entitled to such Investigation Costs and Expenses, unless we agree in writing to waive recovery of such
Investigation Costs and Expenses; and
(d) our total liability in respect of Investigation Costs and Expenses for all claims made under this Policy Extension
shall not exceed $250,000.

13. Page 11 of 24
For the purpose of this Policy Extension, an official investigation, examination or enquiry includes but is not limited to:
(i) any investigation, examination or enquiry by way of a Royal Commission or Coronial Enquiry, or conducted by
a regulatory authority such as the Australian Securities and Investments Commission.
(ii) any investigation, examination or enquiry conducted by any disciplinary committee of any association, industry
or professional body of which the Insured is a member.
3.12 Public relations expenses
Where the Insured retains the services of a public relations consultant for the sole purpose of protecting the Insured’s
reputation that has been brought into question as a direct result of a Claim covered by this Policy, we agree to pay
any reasonable fee, costs and expenses of such public relations consultant. Provided always that:
(a) the Insured notifies us within thirty (30) days of first becoming aware of the Insured’s reputation being brought
into question and provide full written details outlining the circumstances surrounding the event; and
(b) we have given prior written consent (which shall not unreasonably be withheld) to retain the services of such
public relations consultants; and
(c) our total aggregate liability during any one Period of Insurance for all public relations expenses shall not
exceed $50,000.
3.13 Run off cover until expiry of the Period of Insurance
We agree that in the event that an Insured entity ceased or ceases to exist or operate or be a Subsidiary or became
or becomes consolidated with, merged into or acquired by any other entity either before or during the Period of
Insurance then the coverage provided under this Policy with respect to such Insured entity shall continue until the
expiry date of the Period of Insurance.
Provided always that such coverage shall only apply in respect of Claim(s) arising from any act, error or omission
occurring prior to the effective date that such Insured entity ceased to exist or operate or was consolidated with,
merged into or acquired by another entity.
3.14 Severability
We agree that where any Insured:
(a) failed to comply with the duty of disclosure contained in the Insurance Contracts Act 1984 (Cth); or
(b) made a misrepresentation to us before this contract of insurance was entered into; or
(c) fails to comply with any conditions of this Policy,
the right of any other Insured to indemnity under this Policy shall not be prejudiced thereby. Provided always that
this Policy Extension shall only apply when:
(i) such other Insured shall be entirely innocent of and has no prior knowledge of any such conduct; and
(ii) such other Insured shall, as soon as is reasonably practicable upon becoming aware of any such conduct,
advise us in writing of all known facts in relation to such conduct.
Notwithstanding the above, any fact or knowledge possessed by any past or present partner, principal, director,
chairman, chief executive officer, chief operating officer, chief financial officer, company secretary, chief legal officer
or the holder of any similar or equivalent positions shall be imputed to the Named Insured.

14. Page 12 of 24
Section 4 – Optional Extensions
Preamble
It is agreed that:
(a) the indemnity provided by each Optional Extension is subject to the Schedule, Insuring Clauses, Conditions,
Definitions, Exclusions, Deductible and other terms of this Policy (unless otherwise expressly stated herein);
(b) the inclusion of any Optional Extension shall not increase the Limit of Indemnity;
(c) the inclusion of any Optional Extension shall be at our absolute discretion; and
(d) where an Optional Extension is not specified as included in the Schedule then this Policy shall not provide any
indemnity in relation to coverage specified under such Optional Extension.
4.1 Fidelity
Notwithstanding Exclusion 5.6 (Fraud, Dishonesty or Intentional acts), we agree to provide indemnity to the Insured
against loss of money, negotiable instruments, bearer bonds or coupons, stamps, bank or currency notes belonging
to the Insured or for which the Insured is legally liable where any such loss is sustained in consequence of any
dishonest or fraudulent act or omission of any Insured. Provided always that:
(a) such loss is first discovered by the Insured during the Period of Insurance and is notified in writing to us as
soon as reasonably practicable after the date of such discovery (but never beyond the expiry date of the Period
of Insurance);
(b) we shall not be liable for any loss sustained in consequence of any act or omission occurring after the date of
the discovery of, or the reasonable cause for suspicion of, dishonest or fraudulent conduct on the part of the
Insured concerned;
(c) we shall not be liable to indemnify any Insured who committed or condoned any dishonest or fraudulent
conduct in consequence of which the loss occurred;
(d) the Insured shall bear the burden of adducing satisfactory proof to substantiate any loss hereunder (including
any legal, investigative, accounting or other costs incurred in such process) and we will be under no obligation to
provide indemnity to the Insured until such time as we are satisfied that such loss has, in fact, been sustained;
(e) all interrelated individual dishonest or fraudulent acts or omissions shall be deemed to constitute a single loss
and a single Deductible shall apply to such loss; and
(f) our liability for each loss under this Optional Extension and our aggregate liability for all losses under this
Optional Extension shall not exceed $250,000.
4.2 Previous business
We agree to provide indemnity in respect of any Claim made against any person who is or becomes or ceases to
be during the Period of Insurance a principal, partner or director of the Named Insured in respect of any kind of
civil liability incurred or alleged to have been incurred on the part of such person in the conduct of any professional
activities and duties, which were the same as or substantially similar to the professional activities and duties of the
Insured’s Business, before that person joined the Named Insured.
4.3 Multi-year run-off after merger, takeover, sale, winding up of named insured
If the Named Insured is subject to a merger, takeover, sale or winding up, then, we agree to extend the Period of
Insurance up to seven (7) years immediately following the expiry of the Period of Insurance.
Provided always that:
(a) this Policy Extension will only apply with respect to any Claim(s) arising from any act, error or omission
occurring prior to the effective date of such merger, takeover, sale or winding up; and
(b) on such terms and conditions, and for such additional premium as we may reasonably require.

15. Page 13 of 24
Section 5 – Exclusions
We shall not be liable under this Policy to provide indemnity in respect of any:
5.1 Aircraft, Motor vehicles and Watercraft
Claim based upon, attributable to, or in consequence of the ownership, lease, operation or use of any aircraft,
motor vehicle or watercraft by an Insured.
5.2 Asbestos
Claim based upon, attributable to, in consequence of or in connection with asbestos or any material or property
containing or alleged to contain asbestos, in what ever form or quantity and however arising.
5.3 Contractual liability
Claim based upon, attributable to, or in consequence of any duty or obligation assumed by an Insured by way of any
contractual undertaking, warranty, guarantee or indemnity, to the extent that such liability exceeds the liability the
Insured would have incurred in the absence of such contractual undertaking, warranty, guarantee or indemnity.
5.4 Directors and Officers liability or Trustees liability
Claim based upon, attributable to, or in consequence of any activities as a trustee, director, secretary or officer
unless that liability would have arisen if the Insured had not held that position as a trustee, director, secretary
or officer.
5.5 Fines and Penalties
Claim for punitive, aggravated, multiple or exemplary damages, or fines or penalties imposed by law, provided
always that this exclusion shall not apply to compensatory civil penalties. Our total liability for the payment of
compensatory civil penalties during any one Period of Insurance shall not exceed $250,000 in the aggregate, which
amount shall form part of and not increase the Limit of Indemnity.
Provided further that we will not be liable to indemnify the Insured for any compensatory civil penalty:
(a) for which we are legally prohibited from indemnifying the Insured under Australian law.
(b) based upon, attributable to or in consequence of any:
(i) wilful, intentional or deliberate failure to comply with any lawful notice, direction, enforcement action
or proceeding under any legislation.
(ii) recklessness.
(iii) requirement to pay taxes, rates, duties, levies, charges, fees or any other revenue or impost.
5.6 Fraud, Dishonesty or Intentional acts
Claim based upon, attributable to, or in consequence of:
(a) any dishonest, fraudulent, criminal, or malicious act or omission of an Insured or their consultants, sub-
contractors or agents; or
(b) any act or omission of an Insured or their consultants, sub-contractors, or agents with the intention of causing
a third party loss, damage or injury or committed with a reckless disregard for the consequences thereof; or
(c) any wilful breach of any statute, contract or duty by an Insured or their consultants, sub-contractors or agents.
Provided always that this exclusion shall not apply unless and until:
(i) the Insured makes an admission in writing of any conduct described in clauses (a), (b) and/or (c) above; or
(ii) it has been established through a judicial process that the Insured has committed any conduct described in
clauses (a), (b) and/or (c) above.

16. Page 14 of 24
5.7 Jurisdictional limits
Claim:
(a) brought in a court of law within the territorial limits of the United States of America or the Dominion of
Canada or their territories or protectorates; or
(b) arising out of the enforcement of any judgment, order or award obtained within, or determined pursuant to,
the laws of the United States of America or the Dominion of Canada or their territories or protectorates.
5.8 Known claims and Known circumstances
(a) known Claims (or losses or claims) as at the inception date of this Policy; or
(b) Claims (or losses or claims) arising from any Known Circumstance(s); or
(c) Claims (or losses or claims) disclosed in the Proposal form.
5.9 Obligations to workers
Claim based upon, attributable to, or in consequence of:
(a) Bodily Injury of any Worker of an Insured or damage to or destruction of any property of any Worker of an
Insured, including loss of use of property, arising out of, or in the course of, their employment;
(b) actual or alleged unlawful discrimination (or other unlawful act, error or omission) by any Insured against any
Worker or employment applicant.
For the purpose of Exclusions 5.9 (a) and 5.9 (b) only, the term ‘Worker’ means any person employed by or who is
deemed to be employed by the Insured pursuant to any Workers’ Compensation Law.
5.10 Occupier’s liability
Claim based upon, attributable to, or in consequence of any liability incurred or alleged to have been incurred as a
result of occupation, control, management or ownership of any real property by an Insured.
5.11 Pollutants
Claim directly or indirectly based upon, attributable to, or in consequence of the discharge, dispersal, release or
escape of Pollutants into or upon land, the atmosphere, or any water course or body of water.
5.12 Product liability
Claim based upon, attributable to, or in consequence of the manufacture, preparation, modification, repair, supply,
maintenance or treatment of any goods or products sold, supplied or distributed by the Insured, except where such
Claim arises solely and directly from any advice, design or specification prepared by the Insured in the conduct of the
professional activities and duties of the Insured’s Business.
5.13 Radioactivity and Nuclear hazard
Claim arising directly or indirectly from:
(a) ionising radiation or contamination by radioactivity from any nuclear fuel or nuclear waste from the
combustion of nuclear fuel; or
(b) the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or component
thereof.
5.14 Related or Associated entities
Claim brought or maintained by or on behalf of an Insured or any Subsidiary or parent of an Insured.
5.15 Restrictive Trade Practices
Claim directly or indirectly based upon, attributable to, or in consequence of any actual or alleged restrictive trade
practices, restraint of trade or unfair competition.

17. Page 15 of 24
5.16 Territorial limits
Claim based upon, attributable to, or in consequence of an act, error or omission occurring within the territorial
limits of the United States of America or the Dominion of Canada or their territories or protectorates.
5.17 Terrorism
Claim directly or indirectly based upon, attributable to, or in consequence of:
(a) any act of Terrorism regardless of any other cause or event contributing concurrently or in any other sequence
to the loss, damage, illness, injury, death, cost or expense; or
(b) any action in controlling, preventing, suppressing, retaliating against, or responding to any act of Terrorism.
5.18 Trading debts
Claim directly or indirectly based upon, attributable to, or in consequence of:
(a) any trading debt incurred by an Insured or any guarantee given by an Insured for a debt; or
(b) the refund of the Insured’s professional fees or charges (by way of damages or otherwise).
5.19 War and Uprisings
Claim arising directly or indirectly from:
(a) war, invasion, acts of foreign enemies, civil or military uprisings, hostilities (even if war is not declared), or
government power being taken unlawfully; or
(b) property being taken, damaged or destroyed by a government or public or local authority.
Section 6 – Claims Conditions
6.1 Claims mitigation and Co-operation
(a) If the Insured, either prior to or during the Period of Insurance becomes aware of a situation which could, if
not rectified, lead to a Claim or increase the quantum of a Claim, the Insured shall use due diligence and do
and concur in doing all things reasonably practicable to avoid or diminish any liability hereunder. Costs and
expenses incurred by the Insured in compliance with this clause 6.1 (a) shall be at the Insured’s cost, unless
otherwise agreed in writing by us.
(b) The Insured shall frankly and honestly disclose to us all relevant information and, in addition shall provide
assistance to us, as we may require to enable us to investigate and to defend any Claim under this Policy
and/or to enable us to determine our liability under this Policy. Costs and expenses incurred by the Insured
in compliance with this clause 6.1 (b) shall be paid by us in accordance with Policy Extension 3.1 (Additional
benefit – Claims preparation costs).
(c) Costs and expenses incurred by us to enable us to determine our liability under this Policy shall be at our
own cost.
6.2 Defence and Settlement
(a) The Insured shall not to settle any Claim, incur any Costs and Expenses or Investigation Costs and Expenses,
make any admission, offer or payment or otherwise assume any contractual obligation with respect to any
Claim or loss without our written consent, such consent not to be unreasonably withheld. We shall not be
liable for any settlement, Costs and Expenses, Investigation Costs and Expenses, admission, offer or payment,
or assumed obligation to which we have not consented in writing.
(b) We shall be entitled if we so desire, to take over and conduct, in the name of the Insured, the defence or
settlement of any Claim at any time. In the event that this occurs, we will then have sole control of the Claim.

18. Page 16 of 24
(c) If we retains lawyers to conduct, in the name of the Insured, the investigation, defence or settlement of any
Claim, those lawyers will only act on our behalf in relation to any issue regarding the Insured’s entitlement to
indemnity from us and they will not act on the Insured’s behalf in respect of any such issue. Any information that
is received by lawyers retained by us in the course of investigating, defending or settling any Claim against
the Insured can be provided to us and relied upon by us in relation to any issue that may arise regarding our
liability to indemnify the Insured. In relation to any such information, the Insured waives any claim that it may
have for legal professional privilege as between the Insured, Zurich and the lawyers retained by us.
(d) The lawyers retained by us to conduct the investigation, defence or settlement of any Claim, may provide
advice to us on any issue regarding our liability to indemnity the Insured and whilst doing so, may continue to
act in the investigation, defence or settlement of the Claim on behalf of both us and the Insured.
(e) The Insured agrees that all communications between us and lawyers retained by us to act in the conduct of
the investigation, defence or settlement of any Claim which relate to the Insured’s entitlement to indemnity
from us are privileged as between Zurich and the lawyers and the Insured agrees that they are not entitled,
under any circumstances, to access or obtain any such communications.
(f) If any actual or apparent conflict arises between our interests and the Insured’s interests, the lawyers retained
by us to conduct the investigation, defence or settlement of any Claim may cease acting on behalf of the
Insured and may continue to act on our behalf in relation to any dispute between Zurich and the Insured with
respect to the Insured’s entitlement to indemnity from us.
6.3 Foreign currency
All amounts referred to in this Policy are in Australian Dollars.
If the Insured incurs liability to settle any Claim for an amount stated in the local currency of any country or territory
outside the Commonwealth of Australia, where an award is made or a settlement is agreed upon, then, the amount
payable by us shall be the value of such award or settlement together with costs awarded or payable to any claimant
converted to Australian Dollars at the free rate of exchange published in the Australian Financial Review on the date
on which we pay to the Insured (or some other person at the Insured’s direction) the indemnity in respect of such
award or settlement; subject always to the Limit of Indemnity.
6.4 Insured’s right to contest
In the event that we recommend a settlement in respect of any Claim and the Insured does not agree that such
Claim should be settled, then the Insured may elect to contest such Claim. Provided always that our liability in
connection with such Claim shall not exceed the amount for which the Claim could have been so settled plus the
Costs and Expenses incurred with our written consent up to the date of such election, less the Deductible.
6.5 Reporting and Notice
(a) The Insured shall give to us written notice as soon as practicable of any Claim made against an Insured.
Provided always that such written notice is given to us during the Period of Insurance in which the Claim
is made.
(b) Notice of any Claim shall be given in writing to us, and delivered to the appropriate Zurich branch office,
addressed as follows:
Zurich Australian Insurance Limited
Attention: Financial Lines, Claims Manager
General Insurance
6.6 Senior counsel clause
(a) We shall not require the Insured to contest any Claim unless a Senior Counsel (to be mutually agreed upon by
the Insured and us) shall advise that such Claim should be contested.
(b) In formulating such advice, Senior Counsel shall take into consideration the economics of the matter, the
damages and costs which are likely to be recovered by the plaintiff, the likely Costs and Expenses and the
prospects of the Insured successfully defending the Claim.
(c) The cost of such Senior Counsel’s opinion shall be paid by us in addition to the Limit of Indemnity.

19. Page 17 of 24
6.7 Subrogation and Allocation of the proceeds of recoveries
In respect of any Claim covered by this Policy, and without limiting our rights at law, we shall be subrogated to all
the Insured’s rights of recovery, and the Insured shall execute all papers required and shall do everything necessary
to secure and preserve such rights, including the execution of documents necessary to enable us effectively to bring
suit in the name of the Insured.
The Insured shall not, without first obtaining the written consent from us, do anything or fail to do anything which
excludes, limits or prejudices our rights of subrogation. In particular, without limiting the operation of this provision,
the Insured shall not enter into any contract or agreement which excludes, limits or prejudices a right of recovery
which the Insured may have in respect of any Claim covered by this Policy.
Should the Insured incur any legal liability which is not covered by this insurance:
(a) due to the application of any Deductible; and/or
(b) where the amount(s) of any judgment(s) or settlement(s) exceed(s) the Limit of Indemnity or any applicable
sub-limit,
the Insured will be entitled to the first call on the proceeds of all recoveries made, by either the Insured or us, on
account of such legal liability until fully reimbursed for such uninsured amount or amounts (less the actual costs of
making such recoveries where those costs are incurred by us) and any remaining amount(s) will be applied to the
reimbursement to us.
Section 7 – General Conditions
7.1 Alteration to risk
The Insured shall give to us written notice as soon as practicable of any material alteration to the risk during the
Period of Insurance including but not limited to:
(a) an Insured going into voluntary bankruptcy, receivership, liquidation or any other form of external
administration or an Insured failing to pay debts or breaching any other obligation giving rise to the
appointment of a receiver or bankruptcy or winding-up proceedings;
(b) any material change in the nature of the professional services offered by an Insured.
Where such notice is given and/or where there is any material alteration to the risk we shall be entitled to cancel this
Policy in accordance with the Insurance Contracts Act 1984. Provide always that in the event that the Insured should
become bankrupt or insolvent, we shall not be relieved thereby of the payment of any Claim hereunder because of
such bankruptcy or insolvency.
7.2 Assignment of interest
No change in, or modification of, or assignment of interest under this Policy shall be effective except when made by
written endorsement to this Policy and signed by our authorised employee.
7.3 Cancellation
(a) The Insured may cancel this Policy at any time by notifying us in writing.
(b) We may cancel this Policy in accordance with the relevant provisions of the Insurance Contracts Act 1984.
Such cancellation shall take effect thirty (30) days from the time of receipt of notification by the Insured or the
Insured’s insurance broker.
(c) In the event of cancellation by the Insured or by us, we will allow a pro-rata refund of Premium for the
unexpired Period of Insurance.

20. Page 18 of 24
7.4 Deductible
(a) In respect of each Claim made against the Insured (or each loss or claim incurred by the Insured in respect of
Policy Extensions 3.1 Claims Preparation Costs, 3.9 Loss of Documents and 3.11 Official Investigations and
Enquiries – costs and expenses) the amount of the Deductible shall be borne by the Insured at their own risk
and we shall only be liable to indemnify the Insured for that part of any Claim (or any loss or claim) which is in
excess of the Deductible.
(b) In the event of a Claim by the Insured under this Policy, the Insured shall, if directed by us, pay to us (or as is
directed by us) the Deductible within fourteen (14) working days. Any delay, failure or refusal by the Insured to
pay the Deductible will entitle us to deduct such amount from any amount(s) required to settle any Claim or
judgment, order, or any other payment to be made by us under this Policy. In the event that a failure or refusal
to grant access to monies for any Deductible results in a failure of a settlement or an increase in Costs and
Expenses, our liability in connection with such Claim shall not exceed the amount for which the Claim could
have been so settled plus the Costs and Expenses incurred with our written consent up to the date of such
failure or refusal, less the Deductible.
(c) Where we have elected to pay all or part of the Deductible in respect of any Claim (or any loss or claim),
the Insured shall, within fourteen (14) working days from the date of such payment, reimburse us for
such payment.
(d) In respect of any Claim (or any loss or Claim) where the amount of the Claim (or any loss or claim) is less than
the amount of the Deductible, the Insured shall bear all Costs and Expenses associated therewith unless we
have agreed to meet such Costs and Expenses pursuant to Insuring Clause B.
(e) Where the Deductible is expressed in the Schedule to be inclusive of Costs and Expenses then the Insured will
pay all Costs and Expenses, up to the amount of the Deductible, incurred by us pursuant to the engagement of
advisers considered necessary by us to determine the liability of the Insured and to resolve the Claim (or loss
or claim).
(f) Any Costs and Expenses incurred by us to determine whether we have a liability to indemnify the Insured
under this Policy shall not be subject to the Deductible but shall be borne by us.
7.5 Limit of indemnity
(a) Our total liability under this Policy shall not exceed:
(i) in respect of any one Claim covered by this Policy, the Limit of Indemnity specified in the Schedule.
(ii) in respect of all Claims covered by this Policy, the Aggregate Limit of Indemnity, provided always that
if there is any extra insurance in excess of the Limit of Indemnity, then cover is in excess of the Limit of
Indemnity is only available for so much of the liability (otherwise covered by this Policy) which is not
covered by the extra insurance.
(b) Unless otherwise specified in the Schedule or by endorsement to this Policy, the Limit of Indemnity specified
in the Schedule is exclusive of Costs and Expenses and we agree to pay Costs and Expenses in addition to the
Limit of Indemnity. Provided always that if a payment is made to dispose of a Claim which is in excess of the
Limit of Indemnity available under this Policy, our liability for such Costs and Expenses shall be such proportion
thereof as the Limit of Indemnity available under this Policy bears to the amount paid to dispose of the Claim.
7.6 Multiple claims
(a) All causally connected or interrelated acts, errors or omissions shall jointly constitute a single act, error or
omission under this Policy.
(b) Where a single act, error, or omission gives rise to more than one Claim, all such Claim(s) shall jointly
constitute one Claim under this Policy.

21. Page 19 of 24
7.7 Policy construction and Interpretation
(a) The construction, interpretation and meaning of the provisions of this Policy shall be determined in accordance
with the laws of Australia and the States and Territories thereof. Each party agrees to submit to the jurisdiction
of any Court of competent jurisdiction in a State or Territory of Australia and to comply with all requirements
necessary to give such Court jurisdiction. All disputes arising under this Policy shall be determined in accordance
with the law and practice of such Court.
(b) The marginal notes and titles of paragraphs in this Policy are included for descriptive purposes only and do not
form part of this Policy for the purpose of its construction or interpretation.
(c) Under this Policy, the masculine includes the feminine and the singular includes the plural and vice versa and
reference to a person includes a body corporate, an authority, an association or a Joint Venture (whether
incorporated or unincorporated), a partnership and a trust.
Section 8 – Definitions
8.1 Aggregate Limit of Indemnity
Aggregate Limit of Indemnity shall mean twice the Limit of Indemnity specified in the Schedule.
8.2 Bodily Injury
Bodily Injury shall mean physical injury, sickness, disease, death, mental injury, mental anguish, nervous shock or
emotional distress of any person.
8.3 Claim
Claim shall mean:
(a) The receipt by the Insured of any written or oral demand for compensation made by a third party against
the Insured.
(b) Any writ, statement of claim, summons, application or other originating legal or arbitral process, cross-claim,
counterclaim or third or similar party notice served upon the Insured which seeks compensatory relief made by
a third party against the Insured.
(c) for the purpose of Policy Extension 3.9 (Loss of documents) only, any losses described in that clause arising
from loss of any Documents.
(d) for the purpose of Policy Extension 3.11 (Official Investigations and Enquiries – costs and expenses) only, any
attendance by the Insured at an investigation, examination or enquiry.
8.4 Costs and Expenses
Costs and Expenses shall mean the reasonable legal costs and other expenses (including but not limited to legal
counsels’ fees and experts’ fees) incurred by or on behalf of the Insured with our prior written consent (which shall not
be unreasonably withheld) or by us in the investigation, defence or settlement of a Claim, or in bringing or defending
appeals in connection with a Claim.
8.5 Deductible
Deductible shall mean the amount shown as the Deductible in the Schedule.
8.6 Documents
Documents shall mean deeds, wills, agreements, maps, plans, books, letters, policies, certificates, forms and
documents of any nature whatsoever, whether written, printed or reproduced by any method including computer
records and electronic data material but shall not include bearer bonds or coupons, stamps, bank or currency notes
or any other negotiable instrument.
8.7 Employee
Employee shall mean any person employed under a contract of service or apprenticeship.

22. Page 20 of 24
8.8 Insured
Insured shall mean:
(a) the Named Insured;
(b) any predecessor in business of the Named Insured;
(c) any person who is, during the Period of Insurance, a principal, partner or director of the Named Insured but only
in respect of work performed while a principal, partner or director of the Named Insured;
(d) any person who is, during the Period of Insurance, an Employee of the Named Insured but only in respect of
work performed while an Employee of the Named Insured;
(e) any former principal, partner, director or Employee of the Named Insured, but only in respect of work performed
while such person was a principal, partner, director or Employee of the Named Insured; and/or
(f) any consultant, sub-contractor or agent, but only to the extent that they are indemnified under Policy
Extension 3.2 (Consultants, Sub-contractors and Agents).
‘You’ and ‘your’ is also used in this Policy to mean one of more of the Insured.
8.9 Insured’s Business
Insured’s Business shall mean the business which is conducted by the Named Insured:
(a) as specified in the Schedule; and/or
(b) as described in the nature of business/activities/professional services question in the Proposal.
If the Named Insured should change its name and there is no other change which materially alters the risk, the
Insured’s Business will continue to be covered by this Policy.
8.10 Investigation Costs and Expenses
Investigation Costs and Expenses shall mean reasonable legal costs and other expenses incurred by or on behalf of
the Insured with our prior written consent (such consent not to be unreasonably withheld) or by us arising out of
any attendance by an Insured at any official investigation, examination or enquiry where such attendance relates to
the conduct of the professional activities and duties of the Insured’s Business and such investigation, examination or
enquiry may lead to a recommendation or finding which give rise to a Claim.
‘Investigation Costs and Expenses’ does not include any fine, penalty or order for the payment of monetary
compensation.
8.11 Joint Venture
Joint Venture shall mean the entering into of a venture (by whatever name called) which the Named Insured carries
on together with any other person, company, corporation, partnership or other entity not otherwise deemed to be
an Insured under this Policy.
8.12 Known Circumstance
Known Circumstance shall mean any fact, situation or circumstance which:
(a) an Insured knew at any time before this Policy began or before this Policy was amended /endorsed; or
(b) a reasonable person in the Insured’s professional position would have thought, at any time before this Policy
began or before this Policy was amended / endorsed,
might result in someone making a Claim against the Insured that might be covered by this Policy or the amendment /
endorsement.
For the purposes of this Definition 8.12, ‘Insured’ does not include ‘Employee’ (as defined in clause 8.7) or any
consultant, sub-contractor or agent (as referred to in sub clause (f) of Definition 8.8 Insured).

23. Page 21 of 24
8.13 Limit of Indemnity
Limit of Indemnity shall mean the limit of our liability under this Policy as specified in the Schedule.
8.14 Named Insured
Named Insured shall mean the person, persons, partnership, company, corporation or other entity specified as the
Named Insured in the Schedule.
8.15 Period of Insurance
Period of Insurance shall mean the period specified in the Schedule.
8.16 Policy
Policy shall mean:
(a) the Schedule, Insuring Clauses, Extensions, Conditions, Definitions, Exclusions and other terms contained herein;
(b) any endorsement attaching to and forming part of this Policy either at inception or during the Period of
Insurance; and
(c) the Proposal.
8.17 Pollutants
Pollutants shall mean:
(a) any solid, liquid, gaseous or thermal irritant or contaminant, including but not limited to smoke, vapour, soot,
fumes, acids, alkalis, chemicals; or
(b) any waste materials including materials recycled, reconditioned or reclaimed; or
(c) any other air emission, odour, waste water, oil, oil products, infectious or medical waste or any noise emission.
8.18 Premium
Premium shall mean the premium specified in the Schedule or in any endorsement to the Schedule.
8.19 Proposal
Proposal shall mean the written proposal made by the Insured to us containing particulars and statements which,
together with other information provided by the Insured, are considered as incorporated herein.
8.20 Schedule
Schedule shall mean the schedule to this Policy.
8.21 Senior Counsel
Senior Counsel shall mean a barrister in active practice who is entitled to use the post-nominals QC or SC in any one
or more superior court in the Commonwealth of Australia or the Dominion of New Zealand.
8.22 Subsidiary
Subsidiary shall mean:
(a) any entity which by virtue of any applicable legislation or law is deemed to be a subsidiary of the Named
Insured specified in the Schedule; or
(b) any entity over which a Named Insured is in a position to exercise effective direction or control.
8.23 Taxable Percentage
Taxable Percentage is the Insured’s entitlement to an Input Tax Credit on the Premium as a percentage of the total
GST on that premium.

24. Page 22 of 24
8.24 Terrorism
Terrorism shall mean and includes any act, or preparation in respect of action, or threat of action designed to
influence the government de jure or de facto of any nation or any political division thereof, or in pursuit of political,
religious, ideological, or similar purposes to intimidate the public or a section of the public of any nation by any
person or group(s) of persons whether acting alone or on behalf of or in connection with any organisation(s) or
government(s) de jure or de facto, and which:
(a) involves violence against one or more persons; or
(b) involves damage to property; or
(c) endangers life other than that of the person committing the action; or
(d) creates a risk to health or safety of the public
or a section of the public; or
(e) is designed to interfere with or to disrupt an electronic system.
8.25 Zurich
Zurich shall mean Zurich Australian Insurance Limited, ABN 13 000 296 640, AFS Licence No: 232507.
Zurich may also be expressed as ‘we’, ‘us’, or ‘our’.

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27. Zurich Australian Insurance Limited
ABN 13 000 296 640, AFS Licence No: 232507
Head Office: 5 Blue Street, North Sydney NSW 2060
Client Enquiries
Telephone: 132 687
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